Friday, February 29, 2008

Cincinnatti Trip Part 1

Tommorrow morning we head out to Cincinnatti in pursuit of historic property to buy and restore. We are headed to the brewery district a somewhat seedy area in the Historic Over the Rhine neighborhood.

For me buying historic property is like taking in lost puppies or kittens, I always buy in areas no one in their right mind would ( maybe I am trying to tell myself something?). Friends and family will shake their head in disbelief, but suprisingly within a few years are bragging to their friends show smart I was to buy in that "trendy' area. My dad is 83, his response will be "again?" dont you ever get tired?
Why would anyone in their right mind sell a perfectly good house in a great neighborhood to start the process all over again? Having lived in several historic neighborhoods in Indianapolis I know what happened here. I restored homes in one neighborhood, moving to the next and the next. I see the same thing happening in Cincinnati. 5-7 years from now people will be saying "boy i should have bought property over there, now its way too expensive."

Much like my neighborhood here in Indy, I admit its largely my doing, prices have tripled in 7 years but if I didnt take the risks buying and restoring properties the others wouldnt have come. Sometimes you have to just do whats right even though you know you are crazy, then you have to convince people you are right and they are crazy if they dont buy.
So tommorrow is a day spent crawling through once grand brownstones trying to decide what the "real" cost will be to restore them and bring them back to the granduer they once enjoyed.
Look at 15-20 maybe narrow that down to five that might work, then sit down with the calculator and the cost estimators and add 40 percent for the unexpected. While waiting for the perfectly restored house to sell here.
Maybe just 1 to start with, you know to have something to do on the weekends, Cinci is only 77 miles away.
Tommorrow PART 2

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